China Digital TV oversubscribed

Investors embraced China Digital TV Holding Co.’s IPO last week, more than doubling the value of the company’s shares in the first hour of trading. After opening at a high of $37.50, well over double the IPO price of $16 per share, the stock has traded only as low as $29.04.

China Digital provides conditional access systems that allow digital television network operators in China to control their subscribers’ content and services, such as on-demand viewing and pay-per-channel programming.